Revocable Trusts
How Does a Trust Work?
- A Revocable Trust is a document that you establish during your lifetime the decides who will receive your assets upon your death.
- You are the "Grantor" who inserts your property into the Trust, and the Trust itself controls the dissemination to the Beneficiaries named. It is called a "Revocable" Trust since you can update the Trust as your life and wishes change.
- You can live your life with no restrictions to the property placed with the Trust, and it only applies to control your property upon your death. Your Successor Trustee will then transfer your assets to your loved ones.
- It is both common and preferable in most cases that you would serve as your own initial Trustee during your lifetime, and that you name a trusted person or financial institution only as Successor Trustee.
Why You Need a Revocable Trust
Many people prefer a Revocable (or living) Trust to avoid going to Probate. Probate is a lengthy and costly process that leaves the distribution of your estate in the hands of a circuit court judge. Despite popular belief, a Will does not help you to avoid Probate, as it only acts as a "roadmap" for the Circuit Judge to follow. Only a Revocable Trust can avoid Probate. Also, another benefit to using a living trust is that it establishes a veil of privacy around your wishes, while a Will (which is public record) does not. You can also set up transfer dates later into the future after your death to give property to a minor when they become of age.
If you believe you need a Revocable Trust, or just have some questions, contact our office below.
BROWSE OUR WEBSITE
PAYMENT OPTIONS
LAW PAY Payments Available